Global ATM Market Insight Amid Coronavirus Outbreak

atm market

COVID-19 has played a deadly impact upon everything and ATM industry is not an exception. Global ATM Market Research Report provides exclusive data, important statistics, competitive landscape details, trends and information. The Global ATM Market is considered as the comprehensive as well as the professional one in the ATM industry. The report monitors market drivers and key trends based on the current scenario. Along with it, it offers on-the-ground insights.

A report published in MR Invasion says. “With tables and figures helping analyse worldwide Global ATM market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market. The report offers comprehensive analysis of the value chain, production, consumption, sales and opportunities in the global ATM market”.

This global ATM report will be very helpful for market players as they can get useful suggestions as well as recommendations from knowledgeable industry analysts and market experts.

The growth of market partly depends on online transaction. The study shows market attractiveness as well as growth rates in different end regions/users. ATM Market helps the users to take precise decision for expanding their market presence. Moreover, market share depends on this report.

For providing a deeper understanding of the society, the ATM market includes PESTLE and SWOT analyses. The report is based on the profiles of some foremost companies. It has market share, gross margin, recent developments, future plans, product and application and several other critical factors. The report also shows regional analysis of the overall ATM market. The focus is always on the growth rate, growth potential and market growth.

Competitive Analysis of ATM Market

Report says. “Global ATM Market is values at USD XX million in 2020 and is projected to reach US$ XX million till 2024, rising at a CAGR of XX% during the period 2020 to 2024”. The report including industry growth drivers, risk constraints, opportunities, and challenges shows ATM Market Dynamics.

Report also provides Manufacturing Cost Analysis that consists of Raw Materials Analysis, Expansion, Mergers and Acquisitions, Concentration Rate of ATM Market, Key Suppliers of product and manufacturing Process Analysis.

The ATM Market segment by regions consists of Americas, APAC, Europe, Middle East and Africa.

The ATM Market report is one of the reliable sources through which market data can be accessed. Moreover, with the help of it, one can exponentially accelerate his or her business.

Different Type Of Transaction

transaction

Transaction refers to an activity of buying and selling or we can say that it indicates a process of exchanging money. We have different type of transaction. Online transaction is very popular nowadays. However, over time, with the advancement of technology, the definition of a transaction has got a slight change. Nowadays, we have credit cards, debit cards, mobile wallets and we can purchase goods on credit. Moreover, we can do a contactless transaction or online transaction, where you cannot see a single penny exchanging between the customer and the merchant. Everything is happening digitally.

If we specifically talk about a financial transaction, it refers to

  • Exchange of money
  • Exchange of services and goods
  • Agreement to exchange services and goods in the future
  • Interaction between a seller and a buyer
Meaning Of Transaction

Transaction means, “to transact’. A process where the exchange of money is involved between a seller and a buyer can be named transaction.

Examples of Transaction
  • Purchase of inventory on credit or cash
  • Disposal of an asset
  • Purchase of an asset
  • Subscribing to a digital platform such as Netflix
  • Payment of salaries to the employees
Types of Transaction

Well, transactions can be categorized into several categories. We have made a brief breakdown of the classification of transactions. So, have a look at the following points:

  • Simple and Complex Transaction: In the case of a simple transaction, the buyer pays immediately after buying services or goods. It becomes a complex transaction when a buyer buys things on credit or a buyer is qualified for discounts.
  • Card Present Transaction: Card present transaction is otherwise known as a CP transaction. It is inextricably associated with the bill payment During this transaction, the cardholder is physically present at the point of purchase or at the integrated terminal along with the card. In this process, the credit card or debit card machine reads the data of the card through a magnetic sensor and sends it to the payment processor. In such a scenario, the merchant has to provide a receipt copy in the printed form to the customer and the customer’s signature is also needed.
  • Card Not Present Transaction: In case of card not present transaction otherwise known as CNP transaction, the cardholder is not physically present there at the point of purchase. It is an inextricable part of online bill payment. Here, payment details are not captured in person; instead of it, the information regarding credit card is exchanged over the phone, mail, and internet.

The types of card not present transaction that you generally come across daily are mentioned below:

Online Purchase: Here, customers order goods online and the card details are shared over the internet through a payment gateway.

Phone Order: In such a scenario, the customer shares credit card information over the phone.

Invoices: Invoices refer to online bill payment service. You get invoice over mail for the product that you purchase online.

  • Standard Transaction:

    Standard transaction refers to the format, content, and form for the transmission of information in several contexts. The main objective of such kind of transaction is to mitigate the administrative costs. It is prescribed by HIPAA’s administrative simplification provision.

Standard transactions consist of the following

Health Care Claims: Such a transaction is used to submit claims to a health insurer.
Health Care payment And Remittance Advice: it is used to receive payments and remittance information for claims from a health insurer.
Coordination Of Benefits: It is used to determine the health insurer’s payment responsibilities.
Health Care Claim Status: This transaction is used to receive information regarding the status of a claim.
Eligibility For A Health Plan: This transaction is used to receive information about the eligibility as well as the benefits of a patient.
Enrolment and Disenrollment in a Health Plan: it is used to enroll members in a health plan.
Referral Certification And Authorization: This transaction is used to receive as well as send authorizations or referrals.
Health Plan Premium payments: Such a transaction is made in order to make premium payments for health insurance coverage.
  • Recurring Transaction:

    A recurring transaction is a kind of agreement that is done between the company providing service or goods and a cardholder. It gives the authorization for automatic payments during a certain period of time. Such transactions can be charged on a monthly, yearly, or weekly basis. The cardholder has to pay a charge for the goods or any kind of ongoing service.

Magazine subscription, internet service, and other services like this come under a recurring transaction. It repeats for an indefinite period of time. Most of the time, repeated transactions shall keep on until the cardholder cancels the subscription or the default plan.

So, you have probably understood what the transaction is and the classification of transactions. Now, if you are a merchant and looking for a merchant service for your business, we will recommend you to get in touch with International Payment Solutions.

Credit Card Limit Could Be Lowered- What To Do If This Happens

credit card limit

The spending limit on your credit card can be cut down suddenly by your issuing bank and if this happens, you will not be a single person.

Some banks have already started decreasing the credit limit of their existing consumers in order to mitigate their transactions. This is happening because most people have lost their jobs amid this critical situation. Moreover, most people could miss their monthly salary amid global coronavirus pandemic.

Synchrony Financial US: SYF that backs most credit cards is taking a deeper look upon the ability of cardholders to repay during this virus outbreak.

Brian Wenzel, chief financial officer and executive vice president of Synchrony said. “We’re continuing to utilize internal and credit bureau to dynamically re-evaluate the customers’ credit worthiness to manage credit exposure”.

Well, other banks are also following the same tone. Banks generally mitigate the credit limit of the customer’s credit card so that the risk can be minimized.

Matt Schulz, chief credit analyst at Lending Tree US said, “When the economy goes bad, all the calculus changes”. He further added, “Because people’s financial situations can literally change overnight, unused credit lines equal major risk”.

If we decode this, it clearly indicates that banks are really worried about the upcoming outcomes. If someone makes a lot of high-value transactions with their credit card. After that, the cardholder misses the payment due to the lack of income. It will create a problematic situation for the banks.

A spokeswoman with Wells Fargo US told MarketWatch. “Periodically, we review every account, and based on a variety of factors make the decision to adjust the spending limit”.

According to American Express, the financial health of the cardholder is getting a real-time evaluation.

Ashley Tufts, the vice president of American Express said in an email, “We want to accommodate their spending needs, while also helping to ensure they do not take on excessive levels of debt”.

Jeff Sigmund, spokesman for the American Bankers Association said. “Banks are taking a balanced informed by economic data, which is consistent with legal and underwriting obligations to ensure credit line match consumer’s ability to repay”.

What To Do

People having multiple credit cards should go for small purchases. According to the banks, making a small purchase will keep the card active.

However, Schulz said that Americans should not be afraid in such a situation and they don’t need to negotiate with the credit card issuing companies.